▲ Up
 
02:45 21-07-2017
АКИpress CA-News Tazabek Turmush
ADVERTISE WITH US SUBSCRIBE
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
S&P affirms Kazakhstan-based ENRC 'BB' ratings, outlook negative
16:55, 14 May 2014, 756

AKIPRESS.COM - 53495709a06ea8310ce719826d7bbdd9 Standard & Poor's Ratings Services affirmed its 'B' long-term and 'B' short-term corporate credit ratings of Eurasian Natural Resources Corporation Ltd (ENRC), a Kazakhstan-based mining group, outlook is negative, S&P reported on May 14.

ENRC completed its leveraged buyout and delisted from the London Stock Exchange and Kazakh Stock Exchange in the fourth quarter of 2013. As a result of this buyout, ENRC's adjusted total debt has increased substantially to about $8 billion as of December 31, 2013.

The debt increase is largely related to a $1.7 billion acquisition financing that the company received from Russian state-owned VTB bank. VTB and Sberbank are the lenders of the bulk of ENRC's debt.

"We continue to view ENRC's liquidity as "less than adequate," given the high debt maturities from the fourth quarter of 2015. We also view ENRC's access to funding as constrained by risks related to an ongoing Serious Fraud Office investigation," the agency said.

The negative outlook reflects the probability of a downgrade over the next six months if management is not able to address ENRC's currently high leverage. This will depend on new information the agency expects to receive from management over the next three to six months regarding ENRC's debt-reduction strategy.

Any perceived weakening of bank support from Sberbank or VTB would also result in rating downside.

S&P might also lower the rating if the final audited IFRS-based report for fiscal-year 2013 includes material credit-negative factors that are as yet undisclosed.

In December 2013, S&P affirmed its 'BBB+/A-2' long- and short-term foreign and local currency sovereign credit ratings on Kazakhstan. The outlook is stable.

Also, the agency has affirmed its 'BBB-' long-term corporate credit rating on Kazakhstan's National Oil and Gas Company KazMunaiGas (KMG), and the outlook is stable.

S&P has affirmed its 'BB+' long-term corporate credit ratings on Kazakh gas utility company KazTransGas (KTG) and its 100-percent owned gas pipeline operator Intergas Central Asia JSC (ICA), and the outlook on both companies is stable.


Full access to all news articles in English

1 month2000 somsubscribe
year20000 somsubscribe
These subscription fees are for private individuals only. Please contact us via phone +996 (312) 900-776 or email info@akipress.org for corporate subscription inquiries
Twitterfacebookprint
LATEST NEWS
18:00 GKNB investigates case of militant plotting self-explosion in Kyrgyzstan17:13 GKNB continues investigation against Facebook user detained for inciting ethnic hatred16:50 Uzbekistan confirms 2018 AFC U-23 Championship ticket16:36 Universities of Uzbekistan refuse to accept documents from girls wearing hijabs and skirts15:34 Ex-corruption fighters in Tajikistan being tried behind closed doors15:15 Justice Minister reveals his monthly wage15:07 Founder of Faiza sells the café14:58 Baku hosts tripartite meeting of Turkmenistan, Azerbaijan, Turkey Foreign Ministers14:03 Skin burning noxious plants invade village in the east of Issyk-Kul13:55 Adilbek Zhaksybekov reappointed Head of Executive Office of Nazarbayev13:33 A district court judge terminates criminal case against policemen that attacked casual passerby13:24 Volume of railroad transportation between Kyrgyzstan and Kazakhstan increased by 14% in 4 months13:13 'Transition to Latin alphabet doesn't unite, but rather sets apart our peoples' — Atambayev at Altai civilization forum12:49 Brazil's former President Lula has assets frozen12:37 Kyrgyzstan loses to Iran in AFC U-23 Championship qualifier12:27 Atambayev receives President of Tatarstan Rustam Minnikhanov12:25 Life in rural Kyrgyzstan: Qadi of Osh called Kyrgyzstani Uzbeks for giving up tradition 'Mazr'12:21 Kyrgyz, Chinese, Tajik and Kazakh scientists to discuss environmental safety issues in Issyk-Kul12:12 Saudi woman arrested for wearing a skirt is released without charge12:04 Doctors recommend Kyrgyzstanis in Euro trip to be careful as measles outbreaks in 14 European countries
© AKIpress News Agency - 2001-2017. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75